To masturbate, hold the hot dog, however you want to say it - for a man to give himself sexual pleasure. It may also be used as the object of the sentence, if a woman or gay man holds their partner's genitals in a position to make them cum.

To have a wank fight. You have to masturbate against another player and the winner is who lasts the longest. You must attempt to wank at at least 20 mph. Try and collect your jizz in a cup and compare to other players for more win.

"I totally kicked their asses in that wank off last night. I managed to beat 4 people in a row"